5) The repo rate that covers only banks can reflect the policy stance more accurately than the general 7-day repo rate, and gravitates toward it over time, Mr Tang said. High-level actions like changes in the benchmark rate or required bank reserves.

"These various sets of signals each offer a different perspective, and are best pieced together to provide a more comprehensive read of policy intent," Mr Tang said. "Most recently, the RRR news in isolation is a dovish hint," but other indicators such as liquidity operations and signs of financial leverage "would be useful supplementary signals to watch."